Accounting and Taxation

Canada’s financial reporting and assurance standards boards and oversight councils comprise the Accounting Standards Oversight Council, Accounting Standards Board, Public Sector Accounting Board, Auditing and Assurance Standards Oversight Council, and Auditing and Assurance Standards Board.

AICPA sets ethical standards for the profession and U.S. auditing standards for private companies, nonprofit organizations, federal, state and local governments.

FASB establishes financial accounting and reporting standards for public and private companies and not-for-profit organizations that follow Generally Accepted Accounting Principles (GAAP). FASB is recognized by the Securities and Exchange Commission (SEC) as the designated accounting standard setter for public companies.

GASB establishes accounting and financial reporting standards for U.S. state and local governments that follow Generally Accepted Accounting Principles (GAAP).

The SEC is responsible for regulating how accounting information is presented to the investing public.

Committed to developing a set of understandable & enforceable global accounting standards (International Financial Reporting Standards, IFRS).

IAASB sets high-quality international standards for auditing, assurance, and quality control. It is a body supported by the International Federation of Accountants (IFAC).